StrictlyVC Download X-Light's Nicholas Kelez and Pat Gelsinger on government-backed chips
Dec 16, 2025
In this insightful conversation, Pat Gelsinger, a semiconductor veteran and former Intel CEO, teams up with Nicholas Kelez, CEO of deep-tech startup X-Light. They dive into the groundbreaking EUV laser technology that aims to revive Moore's Law. Pat and Nicholas discuss the U.S. government's pivotal investment in X-Light and the importance of U.S. competitiveness in the AI era. They touch on the challenges and opportunities in scaling semiconductor innovations and the moral responsibilities of tech leadership.
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Sell Complementarity, Not Disruption
- Position new tech as an enabler, not a competitor, to incumbents like ASML.
- Work with existing tool vendors to extend their machines rather than replace them outright.
Government Equity As Industrial Policy Signal
- The U.S. government's minority investment signals industrial policy shifting toward active equity participation.
- X‑Light sees the CHIPS program office backing as validation and acceleration for strategic domestic capability.
Stage The Raise Around Technical Milestones
- Sequence fundraising: seed the prototype now and plan a larger raise after proof points.
- Seek non‑VC capital sources when the capital scale shifts toward utility or infrastructure models.